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Home Markets Cryptos

Ethereum cools off, drops 10%

Olumide Adesina by Olumide Adesina
November 26, 2020
in Cryptos
Number of contract calls on Ethereum rises by 300%
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Crypto bears have taken a brief hold on the second most valuable crypto by market value. Ethereum dropped more than 10% after reaching above $600 some hours ago.

  • At the time of writing this report, it traded at $553.53 with a daily trading volume of $16,372,458,478.
  • It has a circulating supply of 110 million coins and a max supply of ∞ coins.
  • It wasn’t all bad news for Ethereum stakeholders, as the number of Ethereum Non-zero Addresses just reached an ATH of 49,977,938.
  • Previous ATH of 49,974,788 was observed earlier today, showing that buying interest in the ever-changing crypto market might just be a temporary pullback.

READ: U.S top regulator speaks on Cryptos and future of banking to U.S Congress

? #Ethereum $ETH Number of Non-zero Addresses just reached an ATH of 49,977,938

Previous ATH of 49,974,788 was observed earlier today

View metric:https://t.co/beS1MtIgAZ pic.twitter.com/ir42TmyESB

— glassnode alerts (@glassnodealerts) November 25, 2020

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What you should know

Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer that anyone can build applications with, in a decentralized manner, while all states and data are distributed and publicly accessible.

READ: FIRS rakes in N4.178 trillion revenue, achieves 98.6% of revenue target

The native currency that flows within the Ethereum economy is called Ether (ETH), which is typically used to pay for transaction fees and also the base currency of the network.

On Ethereum, all transactions and smart contract executions require a small fee to be paid, which is called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract.

READ: Africa’s internet economy has the potential to reach 5.2% of the continent’s GDP by 2025 – Goggle/IFC

What they are saying

ETH sellers should be cautious of a reversal, on the bias that the world’s biggest crypto hedge fund, Grayscale, revealed huge buying interests prevailing at the Ethereum market.

On its Twitter feed, it said: “It’s become clear there’s a strong demand for Ethereum investment products. In our 3Q20 investment report, we saw the largest investment into Grayscale Ethereum Trust ever, with over $202 million in quarterly inflows.”

READ: THORchain, most profitable crypto in the last 24 hours

Explore Data on the Nairametrics Research Website

It’s become clear there's strong demand for #Ethereum investment products. In our 3Q20 investment report we saw the largest investment into Grayscale Ethereum Trust ever, with over $202 million in quarterly inflows. Tap into the $ETH market with Grayscale. https://t.co/nai0ToEioQ

— Grayscale (@Grayscale) November 25, 2020

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